Market Overview

Chinese Bitcoin Mining Manufacturer To Go Public Nov. 20

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Chinese Bitcoin Mining Manufacturer To Go Public Nov. 20

China-based bitcoin mining maker Canaan Inc. is going public on the Nasdaq stock market on Nov. 20, a digital assets publication The Block reported on Monday.

What Happened

The company filed for an IPO with the U.S. Securities and Exchange Commission on Oct. 28.

In the filing, Canaan said that it had applied to be listed on Nasdaq with the symbol “CAN.”

New York-based Citigroup Inc (NYSE: C), Zurich-based Credit Suisse Group AG (NYSE: CS), and China Renaissance Holdings Ltd signed up as its underwriters among other investment banks.

Why It Matters

This is Canaan’s third attempt at an IPO after two failed cases in both mainland China and Hong Kong, where it primarily conducts its business.

Its main competitor, Bitmain Technologies Holding Company, is seeking to go public in the U.S. as well, according to a Bloomberg report from June, after its attempts in Hong Kong failed similarly.

The Chinese government backtracked on its plan to ban all cryptocurrency mining in the country earlier last week, in a sigh of relief to these companies, which account for 96.4% of the entire Bitcoin mining equipment market.

 

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